Nongshim to spend $143 million to build export-only factory in Busan

Industry

Nongshim to spend $143 million to build export-only factory in Busan

Published: 30 Aug. 2024, 18:31

CHO YONG-JUN
cho.yongjun1@joongang.co.kr

Nongshim's existing factory in Busan [NONGSHIM]

Nongshim will spend 191.8 billion won ($143 million) to build an export-only factory in Busan with the aim of doubling its ramyeon exports by the second half of 2026.

The 51,000 square-meter (548,959 square-foot)-sized factory will be located near the existing Nongshim factory at the Noksan Industrial Complex in Busan. Nongshim will begin its construction in the first half of 2025.

Upon its scheduled factory operation in the first half of 2026, the production lines at the factory will be able to manufacture 500 million packs of ramyeon per year, according to the company.

“[Nongshim] decided to build the new factory at the Noksan Industrial Complex [after] taking account of its accessibility to the Busan Port that offers world-class efficiency for exports,” Nongshim said in a press release Friday, adding that Busan Port offers an outbound route to 150 countries around the world.

The new factory will have three production lines upon opening and will later be capable of housing a total of eight production lines to match the demand in the future.

“Based on the capabilities of the planned export-only factory, Nongshim plans to expand in the European market as the company considers establishing a sales unit in Europe while also expanding in the South American, African and Oceanian markets with high growth potentials," the company said.

BY CHO YONG-JUN [cho.yongjun1@joongang.co.kr]